The Practice and Culture of Accounting in Renaissance Florence

This article explores cultural aspects of the unique archival patrimony of private account books that survive for Florence from the fourteenth to the early seventeenth century, a period corresponding to the city's greatness as a center of both Renaissance culture and early capitalism. The discussion first surveys the diffusion and the standardization of accounting practice throughout the society, the educational process behind this development, and the emergence of the professional accountant. It then analyzes double entry in its application to both business (including industrial) and domestic accounts in the attempt to extend our knowledge of the accounting reality in this pre-modern capitalist economy beyond the traditional view derived from manuals and theoretical notions. The conclusion examines the cultural functions of Florentine accounting practice ranging from the so-called spirit of capitalism in the business world to some particular characteristics that disposed Florentines in general toward this kind of record keeping.